Russia, N Korea may resume Soviet debt settlement talks

ULAN-UDE, August 24 (Itar-Tass) — Russia and North Korea may resume talks on the settlement of North Korea’s 11-billion-dollar debt, Russian Deputy Finance Minister Sergei Storchak told reporters on Wednesday.

“Eleven billion dollars is North Korea’s debt, the loan was extended by the former Soviet Union,” he said noting that the loan was issued at the exchange rate of 60 kopecks per one U.S. dollars.

In reply to the question whether North Korea will recognize its debt, Storchak underlined that “this is one more issue to discuss.”

Speaking about the settlement of Soviet-era debts to foreign countries he added that “at first, it is necessary to finalize that we are legal successors and that they (North Korea) recognize Russia as a successor of the Soviet Union.”

“Then we should agree on a rouble recalculation methodology,” he said adding that the next stage is to agree on a debt settlement order after recalculation.

“We have not noticed these factors so far,” Storchak said without specifying whether this issue will be touched upon at the current talks.

 

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